The digital twin market was valued at USD 1.82 Billion in 2016 and is expected to reach USD 15.66 Billion by 2023, at a CAGR of 37.87% during the forecast period. The base year considered for the study is 2016, and the forecast for the market size is provided for the period between 2017 and 2023.

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According to a new market research "Digital Twin Market by End User (Aerospace & Defense, Automotive & Transportation, Home & Commercial, Electronics & Electricals/Machine Manufacturing, Energy & Utilities, Healthcare, Retail & Consumer Goods), and Geography - Forecast to 2023", the digital twin market is expected to grow at a CAGR of 37.87% during the forecast period, to reach USD 15.66 Billion by 2023. The digital twin of a physical asset is a virtual model of an asset that is used to analyze changes in the performance or condition of a machine component while it is in operation.

The reduction product development time and cost, and predominant use of IIoT for manufacturing and design are the important factors driving this market.

Electronics and electrical/machine manufacturing industry held largest share of digital twin market in 2016

The electronics and electrical/machine manufacturing industry held the largest size of the largest share of the digital twin market in 2016. The growth of the market is attributed to the growing need of digitalization for the designing and manufacturing process of electronic equipment such as industrial equipment, computers, printers, transformers, generators, motors, and home electronic equipment, along with the after-sale services which typically lead to a significant growth in the revenue streams.

Moreover, the adoption of digital twins considerably reduces the product development time and cost for these industries.

Digital twin markets for other industries including agriculture and materials and chemicals, and retail and consumer goods industry are expected to grow at high CAGR during forecast period

The agriculture industry is one of the rapidly growing industries in terms of digitalization. In the agriculture industry, the digital twin technology offers remote monitoring, virtual geographic information systems, crop and soil health monitoring, and livestock and farm management, among other applications.

The market for the retail and consumer goods industry is expected to grow at the second-highest CAGR during the forecast period. This growth is attributed to the increasing adoption of IoT for the management of goods and optimizing the workflow in this industry using digital twins.

Digital twin market in APAC is expected to grow at highest CAGR during forecast period

The countries such as China, Japan, and India have undertaken numerous initiatives to encourage the implementation of IoT in the region, and hence, the market in APAC is growing at the highest CAGR due to the high rate of adoption of digital twins capable of connecting data collected from sensors with IoT cloud. Moreover, APAC is expected to have a tremendous market potential in the coming years due to dense population and the growing per capita income of this region, along with the large-scale industrialization and urbanization.

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